Gerrit Cole Remains With Yankees on Current Deal; What it Means

The Yankees and their ace have agreed to remain on their current contract, while discussing a possible extension.

Oct 30, 2024; New York, New York, USA; New York Yankees pitcher Gerrit Cole (45) is removed from the game during the seventh inning against the Los Angeles Dodgers in game five of the 2024 MLB World Series at Yankee Stadium. Mandatory Credit: Vincent Carchietta-Imagn Images / Vincent Carchietta-Imagn Images

It's official: Gerrit Cole will remain in the Bronx.

After exercising the opt-out in his contract, the ace of the New York Yankees has agreed to continue on his current deal, which has four years and $144 million remaining; Jon Heyman of the New York Post was the first to report about the two parties reuniting.

Cole will continue on with his existing agreement with the thought extension discussion will occur later. Both sides wanted to stay together, so they did. https://t.co/6zunrNLzfX

— Jon Heyman (@JonHeyman) November 4, 2024

This was widely seen as a foregone conclusion, as the Yankees could simply void Cole's opt-out by adding an additional year (2029) worth $36 million. However, while both sides came to an agreement before the 5:00 PM deadline on Monday, the fifth year has yet to be added.

Shortly after reporting the reunion, Heyman reported that the 34-year-old righty will continue to play under his current contract, as both sides were discussing a contract extension rather than the addition of the extra year. ESPN's Jeff Passan added that extension talks between the two sides are continuing, but the current result is the same as Cole never exercising the opt-out in the first place.

Right-hander Gerrit Cole is remaining with the New York Yankees on the four-year, $144 million deal that he had opted out of, sources told ESPN. Discussions on a potential contract extension will continue. Essentially, it’s the same as if Cole did not opt out.

— Jeff Passan (@JeffPassan) November 4, 2024

These reports make it clear that Cole not only wants to stay with the Bronx Bombers, but he likely wants to finish his career with them. The righty will be 38-years-old by the time his current contract expires, and a multi-year extension will take him into his 40s.

Since originally signing a nine-year, $324 million contract with the Yankees on December 16, 2019, Cole has been nothing short of a true ace. He has consistently been a contender for the American League Cy Young Award, and would receive the honor unanimously in 2023; his 257 strikeouts in 2022 additionally broke the long-standing franchise single-season record set by Ron Guidry in 1978.

After completing five seasons in New York, Cole has pitched 759 innings with a 59-28 record, a 3.12 ERA, 3.32 FIP and 1.025 WHIP, and has struck out 915 batters against 185 walks. Despite missing the first two months of the 2024 season with an elbow injury, the 34-year-old would eventually help the Bronx Bombers win their first AL pennant since 2009.

The Yankees are in the middle of a monumental offseason, as they are attempting to keep free agent outfielder Juan Soto in addition to Cole. Soto's free agency may have a direct impact on extension talks with Cole, as he is expected to receive a record-setting contract of his own.

Regardless of whether Cole gets an extension or not, he will be in pinstripes for at least the next four years.

Update:

When speaking to reporters at GM meetings on Monday, GM Brian Cashman revealed that the Yankees did not feel comfortable adding on a 10th year at $36 million to Cole's deal. Both sides expressed their desire to stay together, which is what led Cole to remaining on his current contract.

Cashman also told reporters that there aren't any current ongoing discussions on an extension with Cole. However, the executive intends on speaking with Cole's agent Scott Boras again at GM meetings about a number of matters.